Daily Market Commentary: Bulls Start The Week Positively

Markets continued to trade inside their narrowly defined rising channels. Only the semiconductor index disappointed with a lower close - but one which held its 200-day MA.


via StockCharts.com

The S&P closed near the day's high, breaking two days of quiet trading.


via StockCharts.com

The Russell 2000 is trading in the middle of its rising channel, but relative strength has shifted away from small caps towards tech (more bearish).


via StockCharts.com

Although Tech is getting a little stretched with a potential shooting star for the Nasdaq 100.


via StockCharts.com

September's consolidation may be the buffer for a measured move in the Nasdaq and Nasdaq 100 (and S&P to a lesser degree). This could see the S&P touch 1,250 and the Nasdaq get to 2,585. Bulls maintain control of the market.

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